Kevin Hassett tried to tamp down fears that $5,000 checks for every adult would worsen borrowing pressures. In a Thursday Bloomberg TV interview, he said, "We can do it in a fiscally responsible way," and added, "It is a serious proposal." He framed the idea as returning part of "all the growth and all the wealth being created in the US" to Americans.
Hassett pointed to reconciliation as a potential path - the budget tool that lets the party controlling both chambers advance a fiscal package without needing minority support. As for how to pay for it, he said the specifics would need to be "negotiated with Congress." President Trump floated the $5,000 concept earlier this week, conditioned on Republicans keeping their congressional majorities. "The bottom line is there are multiple paths to getting it done - don't underestimate President Trump," Hassett said.
The payments would top $1 trillion in new spending as the federal debt burden moves toward a record level.
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Hassett also said that while August's CPI report showed a pickup in prices, the three-month trend still points to cooling inflation. Asked about the chance the Federal Reserve hikes rates next week, he replied, "I would guess that if the Fed makes a big move, the president will have something to say about it."
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